Army of computer Programmers scattered all over the world set trying one of the biggest software Unseen upgrades in the crypto sector this week to reduce Its energy consumption is not environmentally friendly.
Developers have spent years working on a more Energy Efficiency version of Ethereum blockchain, a digital The ledger that supports billions-dollar environmental system of digital currencies, digital tokens (NFTs), games And the apps.
Ethereum – the second The most important blockchain yet bitcoin – through burns more power All year from New Zealand.
Experts say the change is expected to take place Between Tuesday and Thursday, it will reduce energy consumption by more than 99%.
Enthusiasts hope that greener Ethereum will spur wider adoption, particularly in the form of way of Enable banks to automate transactions and other processes. But so far, the technology It was used largely to create speculation financial products.
ING bank He said in Recent note that the switch may be help Ethereum is gaining acceptance among policy makers and regulators. “this is in in turn may provide a boost to traditional financial Enterprises’ readiness to develop Ethereum-based services” bank He said.
‘Technological’ milestone”
The switch, called “merge”, will change a file way Transactions are recorded.
Currently, the so-called crypto miners use Energy Efficient Platforms of Computers solve puzzles reward they with new Coins – A system Known as “proof”. of work. ”
The new system you will get rid of These miners and computer Heaps overnight.
Instead, “checkers” will have to put it up 32 ether (worth $55,000) – Ethereum Cryptocurrency – To Share in The new Evidence – Proof of Period ” system where are they earn rewards for they work.
But the merger process will be risky.
Blockchain Consensys described it as a “massive technology.” milestoneAnd the biggest update to ethereum since its launch in 2015.
Critics questioned whether such an upgrade would be pass off Without accidents, given the sector history of Instability.
Ethereum gold is offline in mayo for three hours When new NFT project raised wave in Buyers who overwhelmed the network.
Several exchanges and crypto companies have said that they will halt transactions during the merger process.
“Decentralization and complicated”
upgrade also face possible rebellion of crypto mining companies that business You will be severely damaged.
They can try to hijack the process or create a “fork”, which is a smaller block chain that will continue with old mechanism.
And even if the merger succeeds, ethereum will remain so face Big hurdles before it is more widely adopted.
For example, it is expensive to me use and the update Will not reduce expenses.
The broader cryptocurrency sector suffers from extreme price volatility and matrix and security flaws of tricks.
Charles Kerrigan, a cryptocurrency attorney with CMS, told AFP that Ethereum was “decentralized and complicatedIt has not yet been adequately tested for Governments and banks to join.
“There were questions about how easily can deal with upgrades of write that traditional software Vendors offer to customers,” he said.
“A successful merger will answer these questions.”
